FinCEN’s BOI Reporting Deadline: Bellville, TX Businesses Must File by 01/01/2025

The Corporate Transparency Act (CTA) requires many Bellville, TX businesses to submit Beneficial Ownership Information (BOI) to FinCEN to improve transparency and prevent financial crimes such as money laundering and tax evasion.

As of today, 11-26-2024, Bellville business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—failure to act could result in fines of $500 per day.

Key Steps for Compliance

1. Verify if Your Business Must File

Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless exempt (e.g., banks, publicly traded companies, and charities).

2. Identify Beneficial Owners

Deadline: 12-10-2024
A beneficial owner is anyone who:

• Owns 25% or more of the company, or

• Exercises substantial control over its operations.

3. Collect Required Information

Deadline: 12-17-2024
Details needed include:

• Company Information: Name, EIN, and address.

• Owner Information: Names, birthdates, addresses, and ID documentation.

4. Submit Your BOI Report

Deadlines:

• Existing companies: 01/01/2025

• New companies (2024): Within 90 days of formation

• New companies (2025 onward): Within 30 days of formation

ZenBusiness can simplify filing—start your BOI report today.

Essential Details for Bellville Businesses

Who Must File?

A “reporting company” includes LLCs, corporations, and other entities formed in the U.S., but exemptions exist for certain groups like charities and publicly traded firms. For instance, a Bellville-based family-run agricultural equipment retailer would likely need to file.

What Defines a Beneficial Owner?

A beneficial owner is someone with:

1. Substantial control over company decisions, or

2. 25% or more ownership of the company’s equity.

Example: A Bellville bakery co-owned by two partners where one handles operations and owns 50% would make that individual a beneficial owner.

What Information Must Be Filed?

Reports require:

• Company information: Legal name, EIN, and address.

• Beneficial owner details: Names, birthdates, addresses, and government-issued ID numbers.

Filing Process and Deadlines

BOI reports must be submitted electronically through FinCEN’s secure portal. Filing deadlines vary:

• Existing companies: 01/01/2025

• New companies (2024): Within 90 days of formation

• New companies (2025): Within 30 days of formation

Penalties for Missing the Deadline

Failure to comply may lead to:

• Fines of $500 per day until filed.

• Potential imprisonment for deliberate false reporting.

There is a 90-day safe harbor for correcting mistakes once identified.

Why Use ZenBusiness for BOI Compliance?

ZenBusiness offers professional assistance to help Bellville businesses accurately prepare and file their BOI reports, saving time and ensuring compliance. Get started with ZenBusiness.

Additional BOI Filing Resources

• FinCEN BOI FAQ

• CTA Filing Deadlines

• Step-by-Step BOI Guide

Act promptly to meet the 01/01/2025 deadline and avoid costly fines!